Lessons From The 52 Week Money Challenge

8:14:00 AM Rhea Mocorro 0 Comments

Image from Mhina Gonzales Gerodias

Four weeks has passed already! So how are you holding up with the 52 Week Money Challenge and 52 Week Money Challenge Version 2?

I bet the first four weeks are just like a walk in the park. Well I cannot blame you. The first weeks after all are the easiest. However, you need to brace yourself because hard weeks are coming. Remember amounts compounded by the week and the values are increasing.

In spite of it all, there are many things you can be able to appreciate with the 52 Week Money Challenge and 52 Week Money Challenge Version 2. If ever you are one of the many who accepted it, you are in the right way my friend. You deserve more than a pat in the back. You will not only be able to save this much amount of money, but you can also be able to know the varied lessons the challenge teaches us.

Forming the habit of savings

Every week, we are required to set a specific amount of money to comply with the 52 Week Money Challenge and 52 Week Money Challenge Version 2. I know it can be a chore sometime. But the challenge is actually making the savings a habit. According to a Self-Improvement Mentor it takes 21 to 30 repetitions in order to form a new habit. If we are going to compare it with the challenge, it will take 21 to 30 weeks for us develop the habit of savings. That is more than halfway of the year! This means if you continually put in money for the challenge every week, in no time at all saving would come out naturally rather than a chore. You would even anticipate it and soon you will get addicted to it (in a good way that is).

Discipline

The first few weeks can be a pain I know and how much more in the weeks to come. You may have to stash a few visit to the malls or your favourite coffee house in order to supplement the required amount of the week. In order for you to reach the amount provided by the challenge, you may have a few sacrifices. But don’t worry it is for the good. With that, you develop already the discipline of money. You already know what is more important and that is to SAVE rather than to spend. Some key habits of ours tend to take a toll in our finances like going to the mall and ordering coffee in expensive coffee house. If you redirect your money from there to your savings, then that my friend is discipline.

Accepting the 52 Week Money Challenge and 52 Week Money Challenge Version 2 is already a winning move for us. In the end, we don’t only have money from the challenge but we will also be able to develop the habit of savings and discipline. These two are our gears to make the most of our money and to develop financially smart choices. And soon enough we will emerge winners. 



P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 5 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.

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